News Story

Russia/Ukraine: Status of Sanctions as of 07/1/2014

In light of continued unrest in eastern Ukraine, U.S. and EU authorities are maintaining their sanctions programs against designated persons and entities in Russia and Crimea and have added certain names to their sanctions lists. U.S. and EU officials have also publicly discussed potential expansion of the sanctions in the near future, depending on events in Ukraine.

On June 23, the EU adopted Council Regulation No. 692/2014 in response to the “illegal annexation of Crimea and Sevastopol.” This regulation prohibits, among other things, the importation of goods originating from Crimea or Sevastopol into the EU, or any financing or insurance for such imports, with certain exceptions.

Other countries, such as Australia, the British Virgin Islands, Canada, Japan, Norway, and Switzerland, have adopted their own sanctions programs.

The Morgan Lewis team continues to follow these developments closely and will provide periodic updates.